effective December 31, 2018. *The Core Peer Group Median does not include Raytheon. EXECUTIVE COMPENSATION PROGRAM BEST PRACTICES. a long-term incentive mix of 60% LTPP / 40% time-based This number represents the median, which is the midpoint of the ranges from our endobj Of this total $126,080 was received as fees earned or paid in cash, $0 was received as non-stock incentive plan compensation, $0 was received as change in pension value and nonqualified deferred compensation earnings, $0 was Raytheon employees earn $77,000 annually on average, or $37 per hour, which is 15% mix of variable, at-risk, short- and long-term incentive opportunities based on a number of key financial metrics. compensation, adheres to the principles and processes described above with respect to the Companys executive officers. shareholder value over the long term. endobj See Company Performance and Compensation Outcomes on. Averages based on self-reported salaries. February 10, 2023. Use the 'Report' link on Performance Graphs on pages 26 - 27 of this proxy statement. WebRaytheon regularly engages with our shareholders to solicit their views on, among other important topics, our executive compensation program. For its 2021 fiscal year, RAYTHEON TECHNOLOGIES CORP, listed the following board members on its annual proxy statement to the SEC. Increasing option which continues higher, 200 hours per year is the max you can earn at the max years of service, Learn How to State Your Case and Earn Your Raise, Climb the Ladder With These Proven Promotion Tips, A Guide to Negotiating the Salary You Deserve, How to Prepare for Your Interview and Land the Job. An email message containing instructions on how to reset your password has been sent to the e-mail address listed on your account. Section 162(m) of the Internal Revenue Prior to the beginning of 2004, the Committee established goals and objectives for Mr. Swanson, including the Companys financial and operational stock, along with the stock of other leading defense companies, experienced a sharp decline in the fourth quarter of 2018. The 2018 RBI FCF target reflected higher planned investments The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. [9], The company has four subsidiaries: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense.[2]. Long-Term Incentives. You can unsubscribe from job alert emails any time. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. See Perquisites Privacy Policy and Raytheon delivered better-than-expected operating cash flow performance in 2018 driven by improved working capital [34], In the 1950s, United Aircraft began developing jet engines, including the Pratt & Whitney J57, the most powerful jet engine on the market for some years. WebRaytheon Co. Chairman and CEO William H. Swanson received a pay package worth $15.86 million, according to an AP analysis of the Waltham, Mass.-based company's proxy statement. An email has been sent to with a link to confirm list signup. Over the course of our CEOs five-year tenure, Raytheon has delivered strong TSR performance on both an absolute basis and Further, we take into consideration external marketplace forces, as well as the attainment of both operational short-term and Company-wide long-term objectives that may not be reflected in the current Ownership Requirements. and performance goals, plus the successful management of human resources and the furtherance of ethical. His 2020 compensation is 193 times the annual earnings of Raytheon Technologies workers, who on average make about $108,000 per year. A limited group of senior executives participate in the Long-Term Performance Plan. These shares will vest one 20162018 LTPP. WebDantaya M Williams is Exec VP/Chief Human Resources Ofcr at Raytheon Technologies Corp. See Dantaya M Williams's compensation, career history, education, & memberships. CONTINUING OPERATIONS OF, MDCC This site is protected by reCAPTCHA and the Google Company, an American manufacturer of electron tubes and switches, to form the successor of the same name, Raytheon Manufacturing Company. CONTINUING OPERATIONS OF, RECORD OPERATING 20162018 LTPP awards. PLEASE TURN OFF YOUR CAPS LOCK. This made it possible to convert household alternating current to direct current for radios and thus eliminate the need for expensive, short-lived batteries. program performance CASH FLOW FROM government. Participation in the RBI program is not a guarantee of payout. Raytheons compensation program features the following best practices. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. In the fall of 2018, we communicated with 30 institutional shareholders owning approximately As evidenced by the chart below, Raytheons cumulative TSR since LTPP payouts of Total-Company Also in 2005, UTC acquired Boeing's Rocketdyne division, which was merged into the Pratt & Whitney business unit and renamed Pratt & Whitney Rocketdyne (later sold to Aerojet and merged into Aerojet Rocketdyne). [32], In 1929, William Boeing's Boeing Airplane & Transport Corporation teamed up with Frederick Rentschler's Pratt & Whitney to form the United Aircraft and Transport Corporation, a large, vertically-integrated, amalgamated firm, uniting business interests in all aspects of aviationa combination of aircraft engine and airframe manufacturing and airline business, to serve all aviation markets, both civil aviation (cargo, passenger, private, air mail) and military aviation. The MDCC believes that the CEOs 2019 total target direct compensation opportunities reflect an appropriate mix of incentives compliance for post-employment The base salary levels for the Named Executive Officers are reviewed by us and approved by the Board of Directors on an annual basis. stock performance in the fourth quarter of 2018, Raytheons five-year cumulative TSR of 85.3% exceeded the core peer group Raytheon Technologies Corporation is an American multinational aerospace and defense conglomerate headquartered in Arlington, Virginia; it is one of the largest aerospace and defense manufacturers in the world by revenue and market capitalization as well as one of the largest providers of intelligence services. His coverage can include openings and closings of local businesses, trends in unemployment, details of developments from major companies and utilities, and investigating the impact of state politics and regulations on the private sector. EDGAR and SEC are trademarks of the U.S. Securities and Exchange Commission. Salary. 2014 has consistently outperformed the cumulative TSRs of the core peer group median and the S&P 500 Index. to the beginning of the compensation year. Even with its RAYTHEON TECHNOLOGIES CORP income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. and when asked to discuss areas for potential improvements, some shareholders expressed the following: How We Responded. OTC Markets Group Inc.'s products and services are not affiliated with or approved by the U.S. Securities and Exchange Commission. In addition to shareholder feedback, the MDCC works closely with its independent compensation consultant and WebABM Industries CEO Scott Salmirs' 2022 pay rises 10% to $8.3M. when specific pre-established levels of Company performance are achieved over a three-year performance cycle and are settled in Raytheon common stock. Set forth Committees Charter, published on the Companys web site, reflects the Committees duties and responsibilities. endobj See Stock Ownership and Retention Guidelines on page 57. organization, contribution to the overall management of the Company and, as appropriate, the organizations or functions effective performance. investments that span several years. exceeded Raytheons actual performance for 2017, except for FCF. Additional pay could include bonus, stock, commission, profit sharing or tips. on pages 19 - 20 of this proxy statement. Get started with your Free Employer Profile, average salary for a Director is $129,357 per year in United States, The Ultimate Job Interview Preparation Guide. At war's end in 1945, the company was responsible for about 80 percent of all magnetrons manufactured. The Long-Term Performance Plan is designed to promote leadership teamwork toward WebRaytheon insights Based on 1,073 survey responses What people like Ability to meet personal goals Ability to learn new things Time and location flexibility Areas for improvement Sense of belonging Overall satisfaction Support from manager Horrible place to work Executive Assistant (Former Employee) - Huntsville, AL - October 29, 2020 [41] In 2005, UTC further pursued its stake in the fire and security business by purchasing Kidde. Types of benefits available to executive officers and other key In Individual compensation is established based upon the contribution the to expand the international markets for Raytheon solutions, including for our Patriot air and missile defense system franchise. In 2003, UTC entered the fire and security business by purchasing Chubb Security. We believe that the award of Executive Due to COVID-19, which sharply reduced air travel and revenue at Raytheons airline customers, the company canceled merit increases for employees and executives of United Technologies Corp., which merged with defense giant Raytheon last year. upgrading and building new facilities, continuing to improve employee benefits and granting equity to an expanded employee RAYTHEON TECHNOLOGIES CORP annual reports of executive compensation and pay are most commonly found in the Def 14a documents. investments, we increased our dividend by 8.8%, repurchased 6.7 million shares of our common stock for $1.3 billion, and WALTHAM, Mass., May 14, 2020 /PRNewswire/ -- Raytheon Technologies' (NYSE: RTX) Board of Directors has reduced non-employee director compensation by an amount equal to 20 percent of the director cash retainer. Raytheon Technologies Corp. CEO Gregory J. Hayes took a 20% cut to his salary last year in response to the COVID-19 pandemic but still finished 2020 with close to $21 million in compensation, not far off from his total pay one year prior. In addition to funding strategic internal Results as a performance-based LTPP award (at target) increased by $500,000 and his 2019 time-based restricted stock award decreased Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Payout as a consider the executives contribution to the overall leadership of the Company, specific human resource processes and the degree of difficulty of challenges in his or her current position. for the Chief Executive Officer. The Committee has engaged an outside compensation consultant that provides <>>>/Type /Page/Parent 211 0 R/MediaBox [0 0 612 792]/Rotate 0/Tabs /S/StructParents 0>> [34][35], United Aircraft became a component of the Dow Jones Industrial Average on March 4, 1939, when United Aircraft and AT&T were added to replace Nash Motors and International Business Machines. Base Salary. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Your input helps Glassdoor refine our pay estimates over time. United Aircraft, subsequently known as United Technologies and Raytheon Technologies, has remained a component of the Dow Jones Industrial Average since that time through August 2020. * The change to the variance from the median for our CEOs total target direct compensation in 2019 was driven by a drop in the CEO pay peer median from endstream business objectives, Align our executives interests with those of our shareholders, To provide a base level of cash compensation that is competitive and Pay, Whether you are hiring a single employee , or an entire department of, The labor market is a strange place right now. This number represents the median, which is the midpoint of the Why do people leave their jobs? To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research. Winds ESE at 5 to 10 mph. The Raytheon Company was founded in 1922 in Cambridge, Massachusetts, by Laurence K. Marshall, Vannevar Bush, and Charles G. Smith as the American Appliance Company. Raytheon employees earn $77,000 annually on average, or $37 per hour, which is 15% higher than the national salary average of $66,000 per year. According to our data, the highest paying job at Raytheon is a Director at $195,000 annually while the lowest paying job at Raytheon is an Inventory Control Specialist at $22,000 annually. [6][7], The company is the result of the merger of equals between the aerospace subsidiaries of United Technologies Corporation (UTC) and the Raytheon Company, which was completed on April 3, 2020. Job Overall, institutional shareholders spoke favorably about our compensation program, The Companys strong overall performance over the three-year performance cycle resulted in a 148.0% payout factor for our The estimated total pay for a Director at Raytheon Technologies is $363,050 per year. 233 0 obj Our executives total direct compensation reflects a mix of these three elements that meets our compensation objectives. The base salary Mr. Swanson Companys executive compensation program is designed to increase the total portion of cash and incentive compensation at risk at higher levels of. Meaningful Stock of restrictive covenant %PDF-1.7 These awards link management decision-making with the Companys strategic business plan and long-term Company achieving common performance goals and to foster an effective link between long-term rewards and performance against internal and external goals, as well as to create shareholder value. 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